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KING CONSOLIDATED HOLDINGS LIMITED - UNAUDITED GROUP RESULTS FOR THE SIX MONTHS
ENDING 31 AUGUST 2004
KING CONSOLIDATED HOLDINGS LIMITED
Registration No: 1992/006472/06
Incorporated in the Republic of South Africa
Unaudited Group results For the six months ending 31 August 2004
(Ordinary Share Code : KNG, ISIN code : ZAE 000012902)
ABRIDGED INCOME STATEMENT
Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2004 31/08/2003 29/02/2004
R000`s R000`s R000`s
Revenue 106814 96290 203074
Operating profit/(loss) before -452 2256 3193
interest
Net interest paid -1090 -873 -2680
Profit/(loss) before exceptional -1542 1383 513
items
Exceptional items -25 -985 -1162
Profit/(loss) before taxation -1567 398 -649
Taxation 0
Profit/(loss) attributable to -1567 398 -649
ordinary shareholders
Headline earnings/(loss) per -0.6 0.7 0.2
share (cents)
Earnings/(loss) per share (cents) -0.6 0.2 -0.3
Dividend per share 0 0 0
NAV per share (cents) 4.3 6.3 4.9
Shares in issue (000`s) 251003 251003 251003
Weighted Average (000`s) 251003 195234 195234
Reconciliation of headline
earnings
Profit/(loss) per income -1567 398 -649
statement
Provision against prior year 747
loans
Profit on sale of Mikes Kitchen -984
Loss on discontinued operation 262 985 1162
Headline earnings/(losses) -1542 1383 513
ABRIDGED GROUP BALANCE SHEET Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2004 31/08/2003 29/02/2004
R000`s R000`s R000`s
ASSETS
Non- current assets 15345 15111 14001
Property, plant and equipment 12263 12029 10919
Deferred taxation 3082 3082 3082
Current assets 38907 40767 38235
Inventories 16643 17924 15997
Accounts receivable 22264 22843 22238
54252 55878 52236
EQUITIES AND LIABILITIES
Capital and reserves 10757 15778 12324
Ordinary shareholders funds 10757 15778 12324
Non-current liabilities 13870 13587 14011
Long term liabilities 13870 13587 14011
Current liabilities 29625 26513 25901
Accounts payable 23892 19310 20887
Taxation 1997 3354
Bank overdraft 3736 7203 1660
54252 55878 52236
ABRIDGED GROUP CASH FLOW STATEMENT Unaudited Unaudited Audited
6 Months 6 Months Year
ended ended ended
31/08/2004 31/08/2003 29/02/2004
R000`s R000`s R000`s
Cash flow from operating activities -900 -6093 135
Cash flow from investing activities -1889 -173 -1285
Cash flow from financing activities -141 1332 1759
Net change in cash and cash -2930 -4934 609
equivalents
Cash resources at beginning of year -806 -806 -1415
Cash resources at end of year -3736 -5740 -806
STATEMENT OF CHANGES IN EQUITY
Share Share Accum.
Capital Premium Profit/Loss Tota
Balance at 28 February 2003 1395 8024 -5192 4227
Net loss for the year 0 0 -649 -649
Prior year adjustment 0 0 -2407 -2407
Debentures converted during the period 1115 10038 11153
Balance at 29 February 2004 2510 18062 -8248 12324
Net loss for the year 0 0 -1567 -1567
Balance at 31 August 2004 2510 18062 -9815 10757
ACCOUNTING POLICIES
The accounting policies, as outlined in the 2004 annual report, have been
consistently applied. The abridged annual financial statements have
been prepared in accordance with South African Statements of Generally
Accepted Accounting Practice.
COMMENTS
Sector : Industrial - Hotels and Leisure
Nature of business
Developing and operating franchise food and pub outlets and distributing
food products.
FINANCIAL RESULTS
1 The Group`s turnover has increased by 11% when compared to the comparative
six months but made a loss for the period ended 31 August 2004.
2 The franchising division returned to profitability for the interim period
The Lusitania fish and processing factory was affected by lower capacity
through the factory, due to poor catches by the local fishing
industry, resulting in losses for the period.
EXCEPTIONAL ITEMS
The exceptional items disclosed in the income statement arose from:
1 Loss on discontinued operation resulting from the closure of a company owned
store.
2 Profit on sale of Mike`s Kitchen Franchise
3 Provision against prior year loans.
PROSPECTS
The profits in the Group`s trading divisions are weighted towards the second
half of the year, due to the seasonal nature of the Groups operations
The directors are looking forward to posting better results by year end.
DIVIDENDS
The Board has resolved not to declare a dividend.
For and on behalf of the board 27 November 2004
ACP Cotterell
(CEO)
DIRECTORS
ACP Cotterell (CEO), VPG Cotterell*, RP Hume*, B Trafalis
Group Secretary : Colin Webb * - Non-executive
Transfer Secretaries : Computershare Investor Services 2004 (Pty) Ltd
Sponsor : Sasfin Corporate Finance - A division of Sasfin Bank Limited
Registered Office : Kingco Park, 97 Milner Street, Kensington B, Randburg, 2194.
Auditors : Baxters, Registered Accountants and Auditors, Chartered Accountants
(SA)
Date: 29/11/2004 05:00:24 PM Produced by the JSE SENS Department
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